The US Dollar appreciated about 42 base points against the Canadian Dollar on Tuesday. The weekly R1 provided resistance for the currency pair during yesterday’s trading session.
Most likely, a brief retracement towards a support cluster formed by the combination of the 50-, 100—200-hour SMAs near the 1.3100 area.
If the support cluster holds, the USD/CAD currency exchange rate will continue its upside movement during the following trading session.
However, technical indicators suggest that the Greenback might edge lower within this session.